Irrationales Managerverhalten

In recent years, the discussion has repeatedly arisen regarding the extent to which the assumption of rational actors in economic models is sensible. Numerous experiments demonstrate, among other things, speculative herd behavior, noise trading, recurring underpricing in IPOs, and overpriced M&As. However, the impact of irrational behavior on companies has not been studied as extensively as its effect on investors. Therefore, the focus of this work is a comprehensive literature review of the current state of research in Behavioral Corporate Finance. In particular, it examines the effects of irrational managers, especially the manifestations of overconfidence and optimism, on companies. The models of Heaton and Malmendier/Tate serve as the central points for comparisons and analyses. Additionally, within the framework of the empirical discussion, proxies for overconfidence and optimism are examined, and suggestions for further scientific investigations are provided.